Short Interest in Legend Biotech Co. (NASDAQ:LEGN) Grows By 15.3%

Legend Biotech Co. (NASDAQ:LEGN) saw a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 12,070,000 shares, an increase of 15.3% from the September 15th total of 10,470,000 shares. Based on an average daily volume of 950,900 shares, the days-to-cover ratio is currently 12.7 days.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $44.91 on Wednesday. The firm has a 50-day moving average of $52.19 and a 200-day moving average of $49.54. The company has a market cap of $8.19 billion, a P/E ratio of -34.55 and a beta of 0.10. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.84 and a quick ratio of 4.78. Legend Biotech has a one year low of $38.60 and a one year high of $70.78.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Friday, August 9th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.49. The company had revenue of $186.50 million during the quarter, compared to the consensus estimate of $125.25 million. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The firm’s revenue for the quarter was up 154.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.27) earnings per share. Equities research analysts forecast that Legend Biotech will post -1.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Legend Biotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP bought a new position in Legend Biotech during the fourth quarter worth about $45,000. Blue Trust Inc. boosted its position in Legend Biotech by 10,075.0% during the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after purchasing an additional 806 shares during the period. American International Group Inc. boosted its position in Legend Biotech by 50.0% during the first quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after purchasing an additional 300 shares during the period. AM Squared Ltd bought a new position in Legend Biotech during the second quarter worth about $71,000. Finally, California State Teachers Retirement System boosted its position in Legend Biotech by 196.3% during the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after purchasing an additional 2,216 shares during the period. Institutional investors own 70.89% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on LEGN shares. Redburn Atlantic started coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. TD Cowen cut their target price on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. HC Wainwright reissued a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a research note on Wednesday. BMO Capital Markets reissued an “outperform” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Wednesday, July 3rd. Finally, Scotiabank increased their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Fourteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $82.08.

Legend Biotech Company Profile

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).